Thursday, 5 September 2013

Let’s Finish Lynas Off!

For over two years we have fought tirelessly to Stop Lynas. We have crossed many milestones and Lynas is now fighting its own battle to survive even though the Lynas plant is still in Gebeng. Let us KEEP UP our spirit to save our future!

Lynas – An Investment NightmareLynas’ share value has been hovering between A38c to A45c as compared to its peak value of A$2.30 in early 2011 – clearly the market has lost confidence in Lynas. Recently Lynas sold its first batch of rare earths at a huge loss for a paltry A$5/kg against a high production costs of almost A$20/kg! Besides, it only managed to sell 117 tonnes of refined rare earth oxide, a long way short of its highly publicised first phase target of 11,000 tonnes. Lynas finally conceded there have been equipment problems and processing times that were longer than expected. The Deutsche Bank again issued a “SELL” advice on ground that Lynas is facing possible capital issues casting doubt on its ability to repay one of its debt facilities.

To top it up, Lynas has withdrawn its defamation suit against Save Malaysia Stop Lynas (SMSL). SMSL has advocated based on evidence and credible scientific and engineering assessment of the Lynas project. We have consulted with highly qualified independent experts from different fields. Our claims are backed up with facts and science. We will continue to fight until we have exhausted every available legal avenue here and in Australia. We will campaign so that no reputable potential buyers will touch Lynas’ products for fear of a backlash from green consumers who expect a very high standard of environmental safeguards and social responsibility.

No Safe Solution for Radioactive Waste and PollutionUntil today, Lynas has yet to find a safe permanent solution for its radioactive waste even though the licensing condition has set a July 2013 deadline. It is still operating under a temporary licence. By right the government should have suspended Lynas’ licence. Many of Lynas’ pollution, occupational health and safety risks and hazards identified by our experts have yet to be resolved. As Lynas pays no taxes to Malaysia, the government will end up having to resort to public fund to tackle any major disaster, long-term pollution and hazards from Lynas. In the end we the local residents and Malaysian public will be left to deal with Lynas’ mishaps and its toxic waste.

To keep our country safe and clean, we must not tolerate a hazardous project like the Lynas’ rare earth refinery plant to risk our environment, our health and our investment. The Stop Lynas campaign has gained momentum to become Malaysia’s biggest ever environmental campaign. The people in Kuantan and surrounding area delivered a convincing win to several MPs and ADUNs on the Stop Lynas election platform. We have paved the way to hold the government more accountable and transparent. We have to keep this momentum UP by making sure our elected Federal and State representatives do their job to stop Lynas!

Stop Lynas Campaign now Known Worldwide - FIGHT TILL THE ENDOur opposition to the Lynas plant is now known all over the world. There is now renewed interest from overseas on the issue and we are getting more overseas supporters. We have to show the government, Lynas and the world that we are determined to fight till the end to for a safer and cleaner future and that our campaign is moving from strength to strength. We have to show any potential buyer and investors that the Lynas plant is a liability and a high risk investment because of its poor plant construction, poor waste and pollution management plan as well as the strong and sustained public opposition to the plant.